Ather Energy’s IPO to open on Monday, April 28
Ather Energy Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹1 each (“Equity Shares”) on Monday, April 28, 2025
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Mumbai, Apr 24: Ather Energy Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹1 each (“Equity Shares”) on Monday, April 28, 2025. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Friday, April 25, 2025. The Bid/ Offer Closing Date is Wednesday, April 30, 2025.
The Price Band of the Offer has been fixed from ₹ 304 per Equity Share to ₹ 321 per Equity Share. Bids can be made for a minimum of 46 Equity Shares and multiples of 46 Equity Shares thereafter.
The initial public offering comprises a Fresh Issue of Equity Shares aggregating up to ₹26,260 million (the “Fresh Issue”) and an Offer for Sale of up to 11,051,746 Equity Shares by the Selling Shareholders comprising up to 980,000 equity shares by Tarun Sanjay Mehta, up to 980,000 equity shares by Swapnil Babanlal Jain (together the “Promoter Selling Shareholders”), up to 6,003,460 equity shares by Caladium Investment Pte Ltd, up to 2,634,514 equity shares by National Investment and Infrastructure Fund II, up to 400,000 equity shares by Internet Fund III Pte. Ltd., up to 31,050 equity shares by IITM Incubation Cell, up to 4,191 equity shares by IITMS Rural Technology and Business Incubator (together the “Corporate Selling Shareholders”) and up to 18,531 equity shares by Amit Bhatia ( “Individual Selling Shareholder”)
The Offer includes a reservation of up to 100,000 Equity Shares of face value of ₹1 each, for subscription by Eligible Employees (the “Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”. A discount of ₹ 30 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”).
The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in accordance with Regulation 6(2) of the SEBI ICDR Regulations wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations, not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations, of which at least one-third shall be available for allocation to domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price.
In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price.
However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.
Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1,000,000 provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not more than 10% of the Net Offer shall be available for allocation to RIIs in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.
All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process.
The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE") and the National Stock Exchange of India Limited (“NSE”) (the “Stock Exchanges”). Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.
